The Venture Codex

Participated · Series C · Oct 2024

BETA Technologies designs and manufactures electric vertical take-off and landing (eVTOL) aircraft and electric propulsion systems and components. The company supplies propulsion systems to customers in the U.S. and international markets and has expanded into flight controls and classified defense contracts. BETA says its commercial aircraft backlog has grown from roughly $1 billion to $3.9 billion since its initial EXIM financing. Recent milestones include unveiling the hybrid-electric MV250 for defense logistics, partnerships with GE Aerospace, NASA and Boeing, operational flights under the FAA’s eVTOL Integration Pilot Program, and a commercial order from Loganair. The company plans to expand domestic manufacturing and vertical integration, aiming to roughly double throughput across its facilities and create additional advanced manufacturing and engineering jobs. To support those plans, BETA is pursuing a proposed EXIM financing package of up to $1 billion to scale production of aircraft and electric propulsion systems.

Participated · Equity · Feb 2018

Celularity develops therapies using stem cells harvested from human placentas to regenerate tissue and treat cancer and other diseases. The company says placental cells can be donated, are abundant, can be injected into any human without rejection, and could enable more affordable, immediately available treatments. Celularity has conducted several clinical trials and has treated “hundreds” of patients to date. The team is pursuing FDA approval and expects that regulatory clearance could come within 12–24 months, according to company leadership. Financially, Celularity recently secured $250 million in new funding from a mix of strategic and individual investors. The company also owns LifeBank USA, a repository for donated placental cells and biomaterials, and holds roughly 1,800 patents on related procedures.

Participated · Series A · Jan 2018

TAI Diagnostics develops and commercializes cell-free DNA (cfDNA) transplant monitoring technology licensed from the Medical College of Wisconsin. Its TAI test uses a small blood sample to identify and quantify donor-specific cfDNA as a direct measure of organ injury. The company was founded in 2015 and is led by CEO Frank Langley; inventors and founders include Dr. Michael Mitchell and Dr. Aoy Tomita-Mitchell. TAI intends to use recent proceeds for ongoing R&D, clinical studies, and the upcoming commercial launch of post-transplant monitoring assays performed by its CLIA- and CAP-accredited reference laboratory. The company has raised over $21M since inception and closed a $10M Series A equity financing. It has also entered into a collaboration agreement with United Therapeutics Corporation. TAI Diagnostics develops and commercializes patented cell-free DNA technology licensed from the Medical College of Wisconsin for monitoring transplanted solid organs. The company's initial focus is monitoring heart transplant patients, with plans to further develop the cfDNA technology for other transplanted organs. Founded in 2015 by Dr. Michael Mitchell and Dr. Aoy Tomita-Mitchell, the founders have backgrounds in pediatric cardiothoracic surgery and academic research. The company is based in Milwaukee. It plans to use financing to continue R&D, conduct clinical studies, and establish a reference lab to offer its post-transplant monitoring assays. In conjunction with the financing, Frank Langley joined the company as chief executive officer.